Cebu house and lot projects have seen a significant increase in demand with mid-income residences being the most popular. There are a number of reasons for this, including the region’s expected growth along with limited supply.
According to data from Colliers International Philippines, Cebu house and lot projects only have an inventory of 21,060 units with 410 hitting the market last year. Many Philippine homebuilders are tapping into ongoing infrastructure projects to ensure their developments are attractive to buyers.
“Cebu house and lot projects are doing very well. In fact, a lot of developers are wrapping up launches and really maximizing the available infrastructure that will be completed beyond 2022,” Joey Roi Bondoc, Colliers International Philippines Associate Director for Research, told SunStar. “The completion of the bridges, airports and bus rapid transit in Cebu will definitely anchor growth in the residential market.”
As a whole, the region’s real estate market is expected to grow with the increase of demand in Cebu house and lot projects helping stimulate residential activity.
“Overall, we are optimistic about the growth of the property market in 2022. Amid the local and global developments, the property market has legs to stand on coupled with the country’s forecasted economic growth at a much stronger pace beyond 2022,” Bondoc noted.
Related: Leading consultancies predict a property market boom in 2022
More infrastructure projects coming to Cebu
The infrastructure push in Cebu is set to continue with three new projects recently announced by the Department of Public Works and Highways (DPWH) in Central Visayas. Two flyovers and an underpass were proposed with each one aimed to ease congestion in the city. Work is tentatively expected to be completed in 2037.
There will be two separate flyovers, one on Natalio Bacalso Avenue and the other set for P. Del Rosario Street. The underpass would connect Cebu South Coastal Road to F. Vestil Street in front of SM Seaside Cebu City.